Bears Stamp Out Summer Rally

From soaring Spanish bond yields to corporate-earnings shortfalls, there is enough bad news surrounding the stock market to rouse the bears. This week, ursine chart-watchers got their due as the Standard & Poor's 500 confirmed the end of its summer rally. It is time to play defense once again.

To be sure, there are still several reasons for the bulls to keep hope alive, not the least of which is the possibility that the Federal Reserve may institute another round of stimulus, as broadly hinted in well-placed stories in...